2603 · as of 2026-11-13 · NT$ million unless stated
· Automatic
· Built 2026-11-14T07:40:14Z
EMC
Market price
258 NTD
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.
Valuation · 2603
At NT$ 258, the market price assumes free cash flow grows -13.12% per year forever (discount rate WACC 3.91%, ceiling 3.50%).
Market price
258 NTD
as of 2026-11-13
Perpetual growth implied by the market
-13.12%
Perpetual-growth ceiling (nominal GDP): 3.50%
WACC
3.91%
Beta (2y weekly vs TAIEX): 0.32
FCFF 2025
83.5
bn
Enterprise-value bridge
Market capitalisation0.557 T
+ Interest-bearing debt0.054 T
− Cash & short-term investments0.186 T
= Enterprise value0.426 T
Cost of capital
Cost of equity3.53%
Cost of debt9.14%
Equity weight91.10%
WACC 3.91%
Effective tax rate15.22%
Beta (2y weekly vs TAIEX)
Beta 0.32 (104 weekly pairs vs TAIEX)
Free cash flow
FCFF 2023
-22.0 bn
FCFF 2024
174.5 bn
FCFF 2025 ← used
83.5 bn
Average
78.6 bn
Reverse DCF
Perpetual growth implied by the market
-13.12%
Perpetual-growth ceiling (nominal GDP)
3.50%
Circularity check
drift 2.73e-14%
A reverse DCF does not produce an intrinsic value. Feeding its g back into the same formula always returns the market price: that is a mathematical identity, not a valuation. The judgement comes next: is that number plausible?
Sensitivity · fair value per share (NTD)
| WACC | g = 2.50% | g = 3.00% | g = 3.50% | g = 4.00% | g = 4.50% |
|---|---|---|---|---|---|
| 2.91% | 9,740 | — | — | — | — |
| 3.41% | 4,413 | 9,787 | — | — | — |
| 3.91% | 2,868 | 4,434 | 9,834 | — | — |
| 4.41% | 2,133 | 2,882 | 4,455 | 9,881 | — |
| 4.91% | 1,702 | 2,143 | 2,895 | 4,477 | 9,929 |
The middle row is the WACC computed from the input file; the middle column is the implied g. Every figure on this page comes straight from scripts/dcf.py, the same function as the CLI worksheet, so the two cannot silently diverge.
Data notes & adjustments
i
Current portion of long-term debt is not published separately by FinMind; debt may be understated.
Source of each input
✓
price_per_share
TWSE OpenAPI daily closing quote (https://openapi.twse.com.tw/v1/exchangeReport/STOCK_DAY_ALL), closing price NT$257.50 on 2026-11-13
✓
shares_issued_thousands
TWSE OpenAPI company profile (https://openapi.twse.com.tw/v1/opendata/t187ap03_L), issued common shares 2,165,042,996 shares ÷ 1,000
✓
balance_sheet
FinMind TaiwanStockBalanceSheet (https://api.finmindtrade.com/api/v4/data, stock_id=2603, date=2025-12-31): CashAndCashEquivalents=174,366.3M; short_term_investments (FinancialAssetsAtAmortizedCost)=11,568.3M; short_term_borrowings (ShorttermBorrowings)=0.0M; long_term_debt (BondsPayable+LongtermBorrowings)=54,439.9M; current_portion_lt_debt (folded into OtherCurrentLiabilities in FinMind)=0.0M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb03?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2603&year=114&season=04
✓
cash_flow
FinMind TaiwanStockCashFlowsStatement (https://api.finmindtrade.com/api/v4/data, stock_id=2603, dates=2023-12-31, 2024-12-31, 2025-12-31, cumulative YTD as of Dec 31): cfo=CashFlowsFromOperatingActivities, capex=abs(PropertyAndPlantAndEquipment), interest=(2023:InterestExpense, 2024:InterestExpense, 2025:InterestExpense). Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb05?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2603&year=114&season=04
✓
tax
FinMind TaiwanStockFinancialStatements (https://api.finmindtrade.com/api/v4/data, stock_id=2603, sum of 4 single quarters in FY2025: 2025-03-31, 2025-06-30, 2025-09-30, 2025-12-31): TAX=12,612.6M, PreTaxIncome=82,860.4M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb04?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2603&year=114&season=04
✓
risk_free_rate
Taiwan 10-year government bond yield (~1.94%): https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data
✓
beta
TWSE/TPEx official daily close 2y weekly regression (2603 (TWSE) vs TAIEX, 104 weeks: 2024-W45..2026-W46) — https://www.twse.com.tw/rwd/zh/afterTrading/STOCK_DAY?stockNo=2603 & https://www.twse.com.tw/rwd/zh/TAIEX/MI_5MINS_HIST
✓
equity_risk_premium
Damodaran country equity risk premium, Taiwan (~5.01%): https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html
✓
terminal_growth_ceiling
Taiwan long-run nominal GDP growth projection (~3.5%, DGBAS / IMF WEO)